Avant Gardner, owners of the indoor-outdoor concert complex including the Brooklyn Mirage in East Williamsburg, filed for Chapter 11 bankruptcy Monday.
The company’s troubles became evident when the Mirage failed to open in early May. Avant Gardner had redesigned the 6,200-person venue, but city inspectors didn’t approve the new structure.
Avant Gardner also operates the Great Hall and Kings Hall at the same complex, and both locations will continue hosting shows during the bankruptcy process, the company said.
“The decision to file for Chapter 11 relief follows several months of financial distress, culminating with Avant Gardner being unable to open its newly constructed Mirage event space,” Avant Gardner said in an Instagram post.
In its bankruptcy filings, Avant Gardner lists up to $500 million in debt and less than $100 million in assets, according to Gothamist. The company plans to borrow $45 million to remain afloat during the Chapter 11 process.
Avant Gardner plans to enter a “stalking horse” purchase agreement with its existing lender and has already secured debtor-in-possession financing from the lender, the company said on Instagram.
The Brooklyn Mirage first opened in 2015 as a pop-up space, but Avant Gardner established it as a permanent venue in 2017 and began expanding the operation to include other concert spaces.
While the venue gained significant popularity and an enviously cool reputation, it was also plagued by regulatory troubles in recent years. The state Liquor Authority began monitoring the site in 2023 due to reports of drug use and at least three overdose deaths.
However, Mayor Adams pushed back against the state’s surveillance of Avant Gardner, at one point suggesting the city should create its own liquor licensing body. Adams had deeper ties to Avant Gardner as well; his longtime confidante Frank Carone used to be the company’s attorney.
Avant Gardner was also responsible for the notorious 2023 disaster at its Electric Zoo music festival on Randalls Island, when the concert venue became too crowded and led to a stampede. The festival was supposed to last three days, but entry was halted in the middle of the final day.
Attendees compared the final day to 2017’s notorious Fyre Festival, and the event did not return in 2024.
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